05.11.2025 09:36
Ereğli Iron and Steel Works announced that a gold reserve with a market value of 1.7 billion dollars (approximately 71.5 billion TL) has been discovered during exploration activities conducted in the Alacahan Village area of Kangal district in Sivas.
46.49% of Ereğli Iron and Steel Works, which is publicly traded and majority-owned by the Ordu Aid Association (OYAK), announced that a gold reserve exceeding a market value of 1.7 billion dollars has been discovered in the studies conducted in the Kangal District of Sivas.
A PUBLIC DISCLOSURE HAS BEEN MADE In the announcement made by the company to the Public Disclosure Platform (KAP), the following statements were included: "In the special situation disclosures made on 19.07.2024 and 11.06.2025, developments regarding the reserve identification study have been shared with the public.
In this context, a gold mineralization at the "Possible Resource" level, prepared in accordance with the standards of UMREK (National Mining Resource and Reserve Reporting Commission) and JORC (Australasian Joint Ore Reserves Committee), has been identified by Erdemir Mining Industry and Trade Inc. (Ermaden), a subsidiary of Ereğli Iron and Steel Works T.A.Ş., during the exploration activities carried out in the Alacahan Village area of Kangal district, Sivas province.
The license area covers 5,804.08 hectares, and work has been carried out on an area of 45 hectares so far. A total of 360 core drillings have been conducted, with a total drilling length reaching 56,649 meters. From these drillings, 96,533 analysis results have been obtained. Calculations have been made based on a gold threshold grade of 0.5 g/t, and approximately 424,000 ounces of gold content have been identified with an average grade of 0.89 g/t gold in 14.9 million tons of ore. The average density value has been taken as 2.53 g/cm³, and quality assurance and control (QA/QC) processes have been carried out according to international standards. All analyses have been conducted at the Bureau Veritas Ankara Laboratory.
"EXPLORATION ACTIVITIES CONTINUE" With the continuation of drilling activities across the site, exploration activities are ongoing in potential areas where drilling has not yet been conducted. The existing modeling for the specified mineralized area has been prepared in areas where drilling data is concentrated, and additional drilling activities are planned to increase the reliability level of this part for reserve calculations. Furthermore, the identification of other mineralized areas in the region and exploration-oriented core drilling activities are also ongoing.
These studies aim to determine a higher resource potential according to UMREK 2023 and JORC 2012 codes and to include them in future mining resource estimation studies. In this study, in accordance with UMREK 2023 and JORC 2012 codes, based on the principles of accuracy and reliability, it has been prepared and approved by Qualified Persons Ruth Woodcock (UMREK N 252, EurGeol N 1715) and Joe Poh (EurGeol N 1728).
The term "Possible Resource" mentioned in this statement does not qualify as economically exploitable reserves. As a result of the existing drillings and ongoing resource enhancement studies, it is planned to advance to resource classification development and feasibility studies for reserve calculations in the future. Respectfully announced to the public."